RismadarVoice Reporters, August 19, 2026
The Minister of Finance and Coordinating Minister for the Economy, Taiwo Oyedele, has urged state governments to reduce their dependence on federal allocations and develop sustainable sources of revenue to achieve long-term economic growth.
Oyedele made the call at the 2026 National Council on Finance and Economic Development conference held in Owerri, Imo State.
The minister said relying solely on funds distributed from the Federation Account could not guarantee prosperity for states, stressing the need for governments to strengthen their productive sectors and create sustainable economic opportunities.
He said the conference provided an opportunity for policymakers to examine Nigeria’s economic challenges and consider strategies for strengthening the country’s economy amid uncertainties in the global market.
Oyedele particularly highlighted the implications of the ongoing conflict in the Middle East, noting that developments in the region could affect Nigeria given the country’s continued dependence on oil.
According to him, the conference would also assess whether the benefits of federal allocations were translating into meaningful development at the grassroots rather than being concentrated in state capitals.
The minister encouraged state governments to invest in productive activities and build economic structures capable of generating revenue and improving living standards independently of federal allocations.
In his remarks, Imo State Governor, Hope Uzodimma, said his administration was implementing measures to diversify the state’s economy and create more opportunities for residents.
Uzodimma, who was represented by his deputy, Chinyere Ekomaru, said the government was investing in agriculture, the digital economy, electricity and infrastructure as part of its diversification strategy.
He stressed that state governments must be deliberate in developing alternative sources of economic growth instead of depending heavily on allocations from the Federal Government.
The governor also said his administration had strengthened security across Imo to create a more conducive environment for businesses and attract investment.
Uzodimma expressed confidence that the state was moving towards a stronger and more diversified economy, adding that his administration would continue to pursue policies aimed at attracting investments and expanding economic opportunities for the people.
